New insurance product allows UAE residents to protect their smartphones and tablets for the first time

FGB, one of the leading banks in the UAE, is launching a new insurance service for UAE residents, which offers a year-long protection plan for their smartphones and tablets. Gadget Protect provides coverage for a range of circumstances which would not be covered by most extended warranties, such as theft and accidental damage, and will be launched during Gitex Shopper 2014.

The UAE is one of the world’s leading countries in terms of use of smartphone and tablets, with a penetration rate of 52% at the end of March 2014, according to the Telecommunication Regulatory Authority (TRA). With the increased use of smart gadgets, residents have become more aware about the importance of securing their purchases. A recent survey by Kaspersky Consumer Security Risks revealed that around 35% of gadget users in the country reported lost, stolen or damaged devices from 2013 to 2014. These incidents pose a serious risk as customers commonly use their smartphones to store personal data, photos and other content.

FGB identified a market need for an insurance product which was tailored specifically for smartphones and tablets. Gadget Protect insures products worth up to AED 3000, covering the cost of repairs and replacements for various circumstances not covered by the manufacturer’s warranty, including cracked screens and liquid damages. The policy also offers a price guarantee feature which protects against an advertised price-drop for 90 days from the date of purchase of the device.

Gadget Protect offers important security features for users, providing compensation for fraudulent charges made via phones or tablets, false calls made by use of the SIM card, in addition to legal expenses and time away from work that a customer is subjected to in the case of identity theft. Furthermore, the ‘Lost Wallet’feature covers the fees of replacing all personal and official cards that are lost if a customer misplaces their wallet.

Girish Advani, Head of Mass Markets at FGB, said: “In our endeavour to deliver smart and affordable insurance solutions to our customers, FGB has launched another “first” for the market. With Gadget Protect, customers can protect their phones as well as their tablets for less than AED 1 per day. For many residents, smartphones and tablets are an integral part of their everyday life and having the peace of mind that their devices are covered is a worthwhile investment.”

He added: “Starting this Gitex, the offer is valid for all UAE residents purchasing smart phones and tablets anywhere in the UAE, , and FGB credit card holders have an additional benefit of availing Gadget Protect with a 0% instalment plan for 12 months. Keeping in mind a seamless customer journey, enrolment for the insurance is just a phone call away.”

To date, FGB has launched a range of creative products such as “My Card”, the UAE’s first personalised credit card, and its new Motor insurance, which customers can buy online within five minutes, without any upfront documentation. FGB Insurance business has won various awards, including ‘New Market Trailblazer of the Year’ at the prestigious 2014 MENA Insurance Awards and ‘Best Bancassurance Products’ at the 2014 Banker Middle East UAE Product Awards.